HARTFORD >> Insurance companies and Connecticut officials are watching Republican President Donald Trump’s Twitter feed for any indication that he will end Obamacare subsidies to insurers participating in the exchanges.
After repeal efforts failed, Trump’s party seems to be torn about whether to help destroy the Affordable Care Act’s individual marketplace by eliminating the cost-sharing reductions that go to insurance companies to help them offset the premium payments for lower income individuals.
Senate Health, Education, Labor and Pensions Chairman Lamar Alexander, a Republican from Tennessee, wants to hold hearings to stabilize the marketplace, while Senate Majority Leader Mitch McConnell ignored the issue of healthcare in his floor speeches this week.
What does all of this mean for the two insurance companies in Connecticut who submitted rates for 2018?
When Anthem Health Plans and ConnectiCare Benefits submitted their double-digit rate requests to the Insurance Department in May, they both warned that the rates assumed the cost sharing reductions would continue.
If the cost-sharing reductions go away, Tu Nguyen, director and actuary for Anthem Health Plans, said “Anthem likely will have no choice but to re-evaluate this filing which could include requests for additional rate increases, elimination of certain product offerings, or the exiting of certain individual ACA compliant markets altogether.”
Neil S. Kelsey, vice president of actuarial services for ConnectiCare Benefits, said given the uncertainty of the current regulatory environment it “reserves the right to withdraw its…
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